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Notes Online Home 2024 Tax Schools Day 1 ATO's 2024 danger areas for individuals
Audit traps under the depreciation rules for motor vehicles from 1 July 2023
This section of the notes goes through Audit traps under the depreciation rules for motor vehicles from 1 July 2023, under the following headings:
- Correctly claiming depreciation deductions for motor vehicles acquired by sole traders from 1 July 2023
- The dangers with claiming depreciation deductions for a luxury car — how to apply the car limit
- Audit traps with changes in a vehicle’s business use
- How to correctly apply deal with an existing motor vehicle that is introduced into a sole trader’s business
- Balancing adjustments for motor vehicles previously fully expensed in the year or purchase